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Dry Bulk Materials Global Market Analysis, Trends, Growth, Research And Forecast 2033
Dry Bulk Materials Global Market Analysis
According to The Business Research Company's, The dry bulk materials market size has grown strongly in recent years. It will grow from $402.16 billion in 2023 to $437.21 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increase in the shipping of steel and coal, rise of seaborne trade, strong economic growth in emerging markets, increasing industrialization and growing urbanization.
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Market Drivers and Trends:
Rising demand for raw materials for the manufacturing, defense, and infrastructure sectors is driving the growth of the dry bulk material trucking market. This upsurge in demand is attributed to the rise in industrialization, population, and urbanization. For instance, according to the report of the World Bank, the European mineral raw materials industry demonstrated a considerable increase in the production of minerals needed for clean energy technologies. It additionally clarifies the requirement for a wide range of minerals and metals for implementing renewable energy strategies and their related infrastructure. The demand for minerals such as graphite, lithium, and cobalt is expected to be as high as 500% by 2050. There is a need for efficient dry bulk trucks to carry these dry bulk materials, thereby driving the growth of dry bulk materials market.
Major players are concentrating on creating innovative equipment technologies products, such as electric material handling equipment to strengthen their position.Electric material handling equipment refers to machinery used for the movement, storage, and transportation of materials in industrial and commercial settings. For instance, in May 2022, Linde Material Handling, a Germany-based manufacturer of forklift trucks and warehouse equipment company, introduced electric heavy-duty forklift trucks with load capacities ranging from 10 to 18 tonnes. This innovative, compact, heavy-duty truck series is built on the eight-ton range and includes a double drive, double lifting hydraulics, two batteries, and scaled pumps.
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Major Key Players of the Market:
C.H. Robinson; Transpro Burgener; Bulkmatic Transport; Kenan Advantage Group Inc.; Quality Distribution Inc.; Trimac Transportation Services Inc.; Foodliner Inc.; Heniff Transportation Systems LLC; Superior Bulk Logistics Inc.; Groendyke Transport Inc.; Ruan Transportation Management Systems; Dupre Logistics LLC; Eagle Transport Corporation; Martin Transport Inc.; Florida Rock And Tank Lines Inc.; United Petroleum Transport Ltd.; Tankstar USA Inc.; Coastal Transport Co. Inc.; Apex Logistics International Inc.; Cliff Viessman Inc.; J and M Tank Lines Inc.; Andrews Logistics LP; Grammer Industries Inc.; Prime Inc.; Belships ASA; Berge Bulk Singapore Pte. Ltd.; Diana Shipping Inc.; Freeseas Inc.; Genco Shipping and Trading Limited; Globus Maritime Limited; Golden Ocean Group Ltd.; Gulf Agency Company Ltd.; Star Bulk Management Inc.; Western Bulk Management AS; Cargill Incorporated.; Archer Daniels Midland Company; Bunge Limited; Louis Dreyfus Company BV
Dry Bulk Materials Market 2024 Key Insights:
• The dry bulk materials market size is expected to grow to $598.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Growing Demand For Dry Bulk Material Trucking In Response To Industrial And Infrastructure Need
• Innovation In Material Handling Equiment
• Asia-Pacific was the largest region in the dry bulk materials market in 2023.
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